Foxconn Invites Bids to Construct Rs 1,200-Crore Plant in Karnataka

New Delhi: Taiwanese giant Foxconn has initiated the bidding process for the construction of a new plant in Karnataka with an estimated outlay of Rs 1,200 crore. Sources familiar with the matter revealed that the project, to be executed through Foxconn Hon Hai Technology India Mega Development Pvt Ltd, marks a substantial investment by the company in the Indian market. The Karnataka government has greenlit an investment proposal of approximately Rs 22,000 crore from Foxconn. This move follows Foxconn's recent regulatory filing on February 6, wherein it announced the invitation for bids on behalf of its subsidiary, Foxconn Hon Hai Technology India Mega Development Pvt Ltd, to engage contractors for the construction of the plant.

In response to inquiries, Foxconn refrained from commenting on market speculation, asserting its commitment to disclosing material progress through regulatory filings as a publicly listed company.

This isn't Foxconn's first foray into Karnataka's industrial landscape. Last year, the company proposed setting up a mobile manufacturing unit in the state with an initial investment of Rs 8,800 crore, which received approval from the Karnataka government. Subsequently, in December, the government approved an additional investment of over Rs 13,000 crore from Foxconn, emphasizing the company's growing footprint in the region.

Government sources had earlier indicated that the factory, slated to be located in Devanahalli, Karnataka, will focus on iPhone production and is expected to create employment opportunities for approximately 50,000 individuals in its first phase, further solidifying Foxconn's position as a key player in India's burgeoning electronics manufacturing ecosystem.